Learn more about iMoney CreditScore

What's CreditScore and why is it important?

It's a single score that represents how good your credit health is. Your CreditScore is important as it's the most reliable way for you to tell whether a bank will approve your applications for loans or cards. For the first time ever, you'll be able to know before you apply whether your applications have a good chance of being approved!

How is the score calculated?

Your CreditScore is a weighted calculation, with these 5 factors contributing to the final overall number.

40%

Payment history

Whether you pay your loans on time or have missed payments over the last 12 months.

Your approval record for new credit facilities (credit card or loan) in the past 12 months.

10%

Legal Track Record

Legal action taken or claims against you as a defendant.

Do all banks use the same score?

It is important to remember that the CreditScore is only an indication of your credit health. Every bank interprets the CreditScore slightly differently with some being more lenient while others more strict.

What’s a good score to have?

The score scale ranges from 201 to 781 (Weak to Strong), and can be classified into 4 grades

Strong

661 - 781

Excellent credit record. They are seen as prime bank customers and are more likely to get approved for credit products.

Good

581 - 660

Good credit score. They are seen as good bank customers.

Fair

461 - 580

Below average credit score. They may have trouble getting approved for bank products.

Weak

201 - 460

Weak credit score. They are seen as poor bank customers.

If you are within the "Good" and "Strong" categories, you have been doing well to keep a good credit record. This can help increase your future loan approval rates and reduce your lending interest rates. Strive to keep your CreditScore within the "Strong" category. These individuals are seen as prime customers by most Malaysian banks and other financial institutions.

Does it change over time?

Your CreditScore will change over time as you improve on your payments. That also means it can get worse if you miss any! We advise you to check your CreditScore every 3 months so you can stay on top of your credit health.

Just before you start...

We will require your IC number and consent to generate your credit profile.

If this is your first time generating your CreditScore, you are required to upload a picture of your identity card (front and back) for verification.

In most cases, it will take only 15 minutes to verify your identity, and generate your credit profile if you are a first time user. If additional verification is required, you will be notified.